Mumbai police have taken into custody Vaibhav Pandya, the stepbrother of renowned Indian cricketers Hardik Pandya and Krunal Pandya, in connection with a fraud case involving a staggering sum of nearly Rs 4.25 crore.
In 2021, the Pandya brothers, along with Vaibhav, established a polymer business firm. Vaibhav was entrusted with the responsibility of managing the day-to-day operations of the company. However, he allegedly violated the terms of the agreement by secretly setting up his own proprietorship firm in the same line of business, thereby keeping the Pandya brothers in the dark.
According to an officer from the Economic Offences Wing (EOW) of the Mumbai police, Vaibhav is accused of diverting funds from the Limited Liability Partnership (LLP) firm to his own company. This diversion led to a gradual decrease in the partnership firm’s profits. Furthermore, Vaibhav allegedly manipulated his profit share in the LLP firm by fraudulently increasing it without the knowledge of the Pandya brothers. He is also accused of forging the Pandya brothers’ signatures on an LLP agreement to facilitate this.
The deception came to light when the Mumbai Indians captain and Krunal Pandya discovered the irregularities. Upon confrontation, Vaibhav allegedly threatened them with severe repercussions.
Vaibhav was arrested by the EOW of Mumbai police on April 8 and was presented before a court, which remanded him in police custody until April 12. The investigators suspect the involvement of additional accomplices in the crime and anticipate making further arrests once their roles are confirmed.
Vaibhav now faces charges of cheating, criminal breach of trust, forgery, criminal conspiracy and criminal intimidation, among other sections of the Indian Penal Code (IPC).
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